Brazil’s Finance Ministry has confirmed that it will begin the tender process for the privatization of its state-owned lottery instant-win games operator Loteria Instantânea Exclusiva (LOTEX).
The LOTEX tender process will be open to national and international gambling operators and will be handled by Brazil’s National Bank for Economic & Social Development (BNDES).
Brazilian business news reports have detailed that the Finance Ministry is targeting approximately $BRL 4 billion (€1.2 billion) for the sale of LOTEX assets.
Industry stakeholders had expected the announcement of the LOTEX tender to be made during the first half of 2017. However, the government delayed the announcement due to ministerial concerns relating to outstanding LOTEX funds promised to Brazilian charities and social initiatives.
Leading international Lottery firms are expected to compete for the LOTEX tender, which may clear the path towards a federal licensed Brazilian gambling framework.
The ‘Big 3’ lottery operators IGT, Scientific Games and Intralot are reported to be eyeing up bids, in what may become a hotly contested Lotex tender.
BNDES and the Brazilian government expect the sale of Lotex to be fully undertaken by the end of 2017.
Source: SBC News
